CPD,CFD,CPS,CTA workers need a pension? (2015, safety)

[Fighting Fungus]

Give them a 401K like every other company offers and let them collect social security at 67. Why do they need these big fat pensions at 55 years old.

It's time to stop giving out these pensions.

[chet everett]

Technically there is a long standing policy that public safety employees should be given access to retirement plans that do not keep them on the street until an advanced age -- the Federal government has this as law; House Passes Bill Exempting Some Federal Employees From Retirement Plan Withdrawal Penalty : FedSmith.com Blogs

Their are legitimate questions about how best to compensate public safety employees who have a unique role -- there is not much move to privatize these services because no matter how you look at it these are part of the role of government.

That said CTA employees probably need not have system that allows such an early retirement.

Most teachers are still quite effective until well into their sixth decade.

Of course the judges in Illinois, who ultimately are covered by the same laws, have a vested interested in not seeing any changes to the way pensions are protected. Constitutional changes will likely be needed to fix the system. Some actuaries believe it is not feasible to make the systems solvent through changes to a 401k type program...